MARCH 4, 2015: Trillium Asset Management (Trillium) is pleased to announce that we have withdrawn our shareholder proposal at The Home Depot (NYSE: HD), which was filed on behalf of Paul LeFort and co-filed with Zevin Asset Management, after the company set quantitative goals for the sourcing and/or production of renewable energy.
In making these commitments, Home Depot joins a growing number of companies that have already demonstrated the feasibility of investing in renewable energy to reduce emissions and power their businesses.
“Companies, especially those of Home Depot’s size, have the opportunity to drive significant change in the demand and consumption of clean energy,” said Brianna Murphy, Trillium’s Vice President Shareholder Advocacy and Corporate Engagement. “Home Depot has set achievable and measurable goals that will reduce emissions while also reducing the company’s exposure to volatile energy prices”.
“Setting these goals is a clear indication from Home Depot that they have heard shareholders’ concerns and are ready to act in a meaningful way to move towards more sustainable business operations,” added Sonia Kowal, President of Zevin Asset Management.
There is now a stronger emphasis on the need for companies to diversify their energy sources. Although energy efficiency is crucial for reducing emissions, there is a limit to how far operational efficiencies can carry a company relative to the reductions needed to mitigate the worst impacts of climate change. Sourcing renewable energy is essential to achieve the greatest emissions reductions.
We commend Home Depot for making these meaningful commitments and for recognizing the critical role renewable energy plays in a carbon reduction strategy.
For more information: Randy Rice, Trillium Asset Management, (617) 515-6889, firstname.lastname@example.org
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